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Closing Bell: PPI, banks, tanks

Posted Jun 17th 2008 4:19PM by Jon OggJon Ogg RSS Feed
Filed under: Best Buy (BBY), Goldman Sachs Group (GS), Alcatel-LucentADS (ALU)

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Any relief we would have been seen in financial stocks was knocked down by a solid PPI reading and by more worries about banking stocks. We also saw a report from The Federal Reserve reporting that industrial productions fell by -0.2% in May, and plants were running at the lowest capacity in almost three years at 79.4%. As you'd expect, we also saw a decline of -3.3% in new housing starts to an annual rate of 975,000, and that represented more than a 10-year low. These are the unofficial closing bell levels for major US index levels:
And the best news of all may be if you believe T. Boone Pickens comment that oil speculators aren't helping the increase in oil prices.


Alcatel-Lucent (NYSE: ALU) managed to stay up all day and shares were up 4% at $7.00 after the company's $1 billion award from China last night.

Best Buy Co., Inc. (NYSE: BBY) also saw a better than expected earnings report and strong guidance for the economy, but Wall Street focused on those negative metrics we addressed. Shares were down by over 5% at $43.44 in the final minutes today.

Capstone Turbine Corporation (NYSE: CPST) continued its surge because of that understated backlog from last week. Shares were up 7% at $4.09 in the final minutes today.

Goldman Sachs Group, Inc. (NYSE: GS) saw a surge in the price of its stock at the open and pre-market after it beat earnings estimates, but shares were down by 1.25% at $179.81 in the final minutes after the weakness in the sector today.

Tags: alcatel, best buy, BestBuy, capstone turbine, CapstoneTurbine, goldman sachs, GoldmanSachs

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Last updated: November 11, 2009: 04:14 AM

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